.- Will the house fit on the lot and meet all the setback requirements?

There is no one size fits all.  

Excellent advice, I will surely use it.In the syndication deals I've seen offerings on, none had sure-fire sale dates.

It didn’t fit our criteria at that point, so we never gave it a second thought.

Again, you'll need an excellent relationship with the seller. 4) Bank financing.

Or maybe another option which I haven’t considered which could be a good fit for my situation Thanks. 

I recommend analyzing the Internal Rate of Return (IRR), which takes into account all the ways a property can make money over time, how long you plan to own it, and compares it to other potential investments.There's a lot on BP about IRR.Cashflow positive isn't a must in every deal, as long as it fits your investing strategy.

Linda is correct that the only way to avoid the 20% down is to make it your primary residence, however on occasion you can find a lender that will allow you to purchase with 15% down but that is rare and your credit must be excellent.

That's an excellent point.

Exit strategy is an excellent idea to have in the operating agreement.